CRYPTO of the week NEOUSD calm before the storm?
NEO / Dollar BITFINEX:NEOUSD
NEOUSD 4H UPDATE - 09/06/2018
View unchanged, although NEOUSD is very heavy in lower time frame and trapped in a tight range for last 3 days. RSI trendline is holding and we still need a break above 58.31 to confirm a bullish sequence and give 47.45 more conviction as end of cycle from 25/04/2018.
Invalidation level to the upside remains 44.16.
It has to be noted that the daily ATR has reached 4.0105 lowest since 17/11/2017 and ATR is dropping in any time frame as well. This is confirming the indecision of the market but also that resolution is due soon and I cannot say if this will be to the upside or downside. Anyhow, for both scenario, we have the path and we will need to act accordingly to the plan or stay sideline (and be disciplined) if necessary.
There are times when the market is calm and is not proposing any proper setup. This is the way it is and my 12 years experience showed me that in this case, it is better to stay sidelined. If in position already, stop are placed and if reached, that is okay (if you have a proper risk management). If not in position, clean your charts, do some reading because if you stare at the charts, you will be drawn in lower time frame to try to find some setup, taken out of your zone and mistake will be made in the long run and right now, market is erratic (FLAT all over the place). This is also time where people will be bragging out about what is coming next and throwing wild guess as it is forecasting. Truth is different. My 2 cents advice.
And remember, I come from a country where we agree to disagree, so if you disagree, that is okay and you can share with me why you would disagree (by making a point and not just a blunt statement thanks ;-)).
You take care, it's Friday and weekend is ahead!
Every week, for one particular cryptocurrency, in addition to the charts that I upload on TradingView, I will put the full comments and trade setup for different time frames:
- Daily on Sunday,
- 4h once a day during Asia session and
- 1h twice a day in Asia (post US) and Europe sessions.
This week 04/06/2018-10/06/2018, I propose NEOUSD
This content is provided for educational purposes only. The Trader's Corner is not registered as an investment adviser and the information shared on the website or any other medium is not meant to be a solicitation or recommendation to buy/sell any instrument. Any trades placed based on our content are at the own risk of the viewer. Trading include risks and loss of capital. Future trading results can never be guaranteed.